资产价格和流行病:封锁的影响

IF 0.9 Q3 BUSINESS, FINANCE

Quarterly Journal of Finance Pub Date : 2021-09-25 DOI:10.1142/s201013922240002x

Jerome Detemple

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引用次数: 0

摘要

我们在一个带生产的综合流行病经济模型中检验流行病对均衡的影响。考虑了两种类型的技术:新古典技术和捕获生产时间概念的技术。研究了安置政策在有和没有裁员的情况下的影响。论文记录了随着疫情的传播，利率、风险市场价格、股市和实际工资的调整。结果表明，在模型中，“就地避难”政策的定性效果与新冠肺炎疫情期间股市和实际工资表现出的模式一致。本文概述了分析中出现的难题。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Asset Prices and Pandemics: The Effects of Lockdowns

We examine the impact of pandemics on equilibrium in an integrated epidemic-economy model with production. Two types of technologies are considered: a neo-classical technology and one capturing the notion of time-to-produce. The impact of a shelter-in-place policy with and without layoffs is studied. The paper documents adjustments in interest rate, market price of risk, stock market and real wage as the epidemic propagates. It shows the qualitative effects of a shelter-in-place policy in the model are consistent with the patterns displayed by the stock market and real wage during the COVID-19 outbreak. Puzzles emerging from the analysis are outlined.

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来源期刊

Quarterly Journal of Finance BUSINESS, FINANCE-

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The Quarterly Journal of Finance publishes high-quality papers in all areas of finance, including corporate finance, asset pricing, financial econometrics, international finance, macro-finance, behavioral finance, banking and financial intermediation, capital markets, risk management and insurance, derivatives, quantitative finance, corporate governance and compensation, investments and entrepreneurial finance.